ScholarShare 529 Helps Families Kickstart College Savings for 529 Day


Savers opening new ScholarShare 529 accounts between May 26 and 31 can earn a $50 bonus 

SACRAMENTO, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Despite today’s economic challenges, now is a great time to save for college, according to ScholarShare 529, California’s official college savings plan. One reason is a new 2020 529 Day offer: Families who open a new ScholarShare 529 account with $50 or more between May 26 and May 31, and set up recurring contributions of $25 or more for six months, can earn a $50 bonus.

“ScholarShare 529 has always been a great way to save for higher education, and its advantages are even more important now that families face challenging economic times,” said State Treasurer Fiona Ma, chair of the ScholarShare Investment Board. “We encourage all California families to take advantage of this opportunity to kickstart their college savings.”

ScholarShare 529’s professionally managed portfolios are ideally suited for today’s environment. The Principal Plus Interest Investment Portfolio pays more interest than most savings accounts and provides a great parking place for savers who have a short-term investing horizon or are concerned about stock market volatility. ScholarShare 529’s popular enrollment year investment portfolios adjust asset allocation – the mix of equities, bonds, and cash – automatically as the student’s enrollment year approaches, and are built to weather stock market volatility. ScholarShare 529’s expert investment manager, TIAA Tuition Financing, Inc., has managed 529 plans for more than 20 years and applies its experience and industry best practices to help investors achieve their long-term savings goals.

In addition to its robust investment lineup, ScholarShare 529 is ranked among the top plans in the country. The plan is one of only four that earned a Gold rating from Morningstar for its low costs and exceptional investment options.

ScholarShare 529 also provides powerful tax benefits: Investment earnings in 529 college savings plans are not subject to state or federal income tax, and withdrawals from 529 college savings plans that are used to pay for qualified higher education expenses are income tax-free. These tax savings can add up to thousands of dollars in extra savings to help pay for college. 

To learn more about the 529 Day offer, visit www.ScholarShare529.com/529Day and click here to register for a free webinar on May 13 to learn more. For more information about college savings in volatile times, click here to read a market commentary by TIAA Tuition Financing, Inc.

About ScholarShare 529
ScholarShare 529, a Gold-rated college savings plan by Morningstar, serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages over $8.9 billion in plan assets across more than 336,000 accounts as of 3/21/20.

To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on Twitter at @ScholarShare529.

In an annual review (10/22/2019) of the largest 529 college savings plans (62 total), Morningstar identified 30 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2019. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans’ abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college savings plans based on five key pillars – Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of ScholarShare, go to Morningstar.com. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.

Media Contact
Ryan Hoffman
rhoffman@wearecsg.com